Another high-rise tower has recently been announced for the Phoenix Metro Area. Located adjacent to the Phoenix Art Museum near the southeast corner of Central Ave. and McDowell Rd. is the new site for two 46-story residential towers called Museum Towers.
A local development company, Southwest Development Company, bought the 1.56 acre piece of land for a mere $7 million. For all you realtors, brokers and analysts don’t get out your calculator, it ends up at slightly over $100 per square foot.
With architectural work already kicked off, the developers estimate the project costing around $250 million. The two towers, consisting of 700-800 units total, if built soon, could and will be the tallest residential buildings in Arizona. You wont see dirt move on this lot for at least 18 months, however, presales will open in a year with prices starting in the $300,000 range. It is too early to tell if this project will actually get built. We have seen numerous projects all over the valley open sales centers, show off beautiful renderings and never see a crane dig into the bedrock. As soon as we here more information we will let you know…
If you want to read the entire story, go to http://www.globest.com/news/1075_1075/phoenix/167541-1.html
